Best & Cheapest Homeowners Insurance In Cape Coral, FL For 2024

Nationwide is the top homeowners insurance company in Cape Coral, in my professional opinion.

min read
Updated: 15 March 2024
Written by
Bob Phillips
On this page Open

Homeowners in Cape Coral have to be prepared for strong winds and possible floods when severe storms like tropical storms or hurricanes hit. Unfortunately, these weather events often lead to insurance companies raising their rates due to the heavy losses they face.

This constant struggle leaves homeowners in search of the best home insurance companies in Cape Coral. If you’re looking for a solution to find the right insurance provider for your property, you’ve come to the right place.

I’ve lived in Florida for nearly twenty years, so I know firsthand how challenging it can be to find the perfect company to protect your home and belongings from major disasters. Based on my experience and research, I believe Nationwide is the best overall home insurance company.

But don’t just take my word for it. Read about the other home insurance companies we review in Cape Coral and decide for yourself.

Compare The Best Homeowners Insurance In Cape Coral, FL

A.M. Best Rating (A++ Best) Customer Satisfaction Rating (1000 Best) Overall Rating Best Suited For Online Experience Rating (10.0 Best) Get A Quote
Chubb

A++

809

4.6

High Value Homes

7/10

Instant Quote
Citizens

B++

Not Rated

4.6

Florida Based Insurer

6/10

Instant Quote
USAA

A++

881

4.8

Military Families

8/10

Instant Quote
Allstate

A+

816

4.7

People Looking For Discounts

9/10

Instant Quote
State Farm

A++

829

4.8

Agent Presence

9/10

Instant Quote
Tower Hill

B

Not Rated

4.5

Cheap Premiums

7/10

Instant Quote
Nationwide

A+

815

4.9

Best Overall

8/10

Instant Quote
Progressive Insurance

A+

874

4.7

Customer Satisfaction

8/10

Instant Quote
Scroll to see comparisons

Our Methodology

We figured out the top home insurance companies in Cape Coral by looking at important things like financial strength (thanks to A.M. Best) and customer satisfaction (with a little help from J.D. Power). We also considered what people had to say on different websites and factored in the author's personal experience. It's a mix of solid data and real-life opinions that helped us come up with our findings.

82

Quotes Analyzed

15+

Years Of Industry Experience

19

Brands Reviewed

40+

Research Hours

Best Homeowners Insurance Companies In Cape coral, FL


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Nationwide comes out on top because it’s got an impressive A+ rating from AM Best for financial strength, receives high customer satisfaction ratings across the internet, has a strong presence of agents in South Florida, and offers competitive rates. Nationwide is solid all the way through.

What sets Nationwide apart is its standard home insurance policy, which includes some perks that many other companies don’t provide. For example, they offer reimbursement for credit card fraud and coverage for meeting more stringent codes when rebuilding due to ordinances or laws.

You can also customize your policy with helpful add-ons. With Better Roof Replacement, if your roof needs replacing after a covered event, Nationwide will foot the bill for upgraded roofing materials. And with Brand New Belongings, your damaged or destroyed personal belongings are covered at their replacement cost. Simply buy replacements, send the receipts to Nationwide, and they’ll reimburse you for the price difference.

Getting home insurance from Nationwide is easy too. You can purchase it through a local agent, over the phone, or online. Plus, you can handle everything from filing and tracking claims to paying bills and making policy changes on the user-friendly Nationwide website or mobile app.

Nationwide’s average cost for home insurance in Cape Coral: $1,265/Year

Benefits & Drawbacks

Benefits
  • Exceptionally affordable premiums in Cape Coral
  • Offers optional coverage for upgraded roofing during rebuilds and replacement cost protection for belongings
  • Includes credit card protection in their standard policy
Drawbacks
  • Reimbursement required for optional contents replacement cost coverage

Cheapest Coverage

Overall Rating
4.5

Key Statistics

10/10 Affordability
6/10 Customer Reviews
7/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Tower Hill takes the crown for having the most pocket-friendly rates in the land of Florida. However, it’s worth noting that they don’t have a JD Power score for customer satisfaction and their AM Best rating sits at a B++. These factors can be attributed to Tower Hill’s specialization as a Florida homeowners insurance company, limiting their coverage to just 16 additional states.

When it comes to Tower Hill’s home insurance, they give homeowners the power to build their own custom plan. Alongside the standard coverage for your dwelling and personal belongings, their Typical and Prime Plus policies offer nifty options like extended replacement cost, water backup coverage, and even personal injury coverage.

But wait, there’s more! Tower Hill goes above and beyond with their unique add-on coverage options that might be hard to find elsewhere. Get this: they’ve got you covered for landscaping mishaps, food spoilage emergencies, trampoline liability scares, lock replacements, and a bunch of other cool stuff.

And if you opt for Tower Hill’s top-tier Spire package, you’ll be treated to a plethora of optional coverages already bundled into the policy, giving you an extra layer of security and peace of mind.

Average Premium for Tower Hill home insurance in Cape Coral: $121/month

Benefits & Drawbacks

Benefits
  • Offers the most affordable rates in Cape Coral and throughout Florida
  • Provides specialized policy packages tailored for high-value homes
  • Offers a wide range of coverage options to customize home insurance based on individual needs
Drawbacks
  • Received a financial strength rating downgrade by AM Best in 2022
  • Reports a higher number of customer complaints according to the National Association of Insurance Commissioners (NAIC)
  • Lacks a mobile app and provides limited policy information on the website

Best For Military Families

Overall Rating
4.8

Key Statistics

9/10 Affordability
10/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

USAA put up a strong fight for the Best Overall title but came in a close second because it’s limited to military members and their families. Other than that, USAA is rock solid across the board.

Back in 1922, USAA was founded by 25 Army officers who wanted to insure their cars on their own. Fast forward to today, and USAA offers a wide range of insurance and financial products to members of the U.S. armed forces, Reserve, veterans, and their families.

Headquartered in San Antonio, USAA has a few satellite offices scattered across the United States, as well as in London, Frankfurt, and Luxembourg.

USAA’s standard home insurance policy has some great features. It covers the replacement cost of personal belongings and even includes coverage for the uniforms of active-duty and deployed service members. You might also find optional insurance like earthquake coverage or coverage for home-sharing situations.

If you’re eligible, you can purchase USAA insurance products online using an active membership ID, over the phone, or by visiting a local branch.

USAA makes managing your policy a breeze. They’ve got an automated agent chatbot on their website to assist you in accessing your online account, where you can pay your bill, make changes to your policy, and handle claims. And with an A++ rating from AM Best, the highest financial strength rating possible for insurance companies, USAA proves its reliability.

Average premium for USAA home insurance in Cape Coral: $140/month

Benefits & Drawbacks

Benefits
  • Comprehensive coverage for replacing contents comes standard
  • Specialized protection for uniforms and equipment of active duty and deployed service members included
Drawbacks
  • No physical locations available for in-person assistance in Cape Coral
  • Less extensive range of discounts compared to other insurers
  • Eligibility limited to current and former military members and their immediate families

Best For Agent Presence

Overall Rating
4.8

Key Statistics

9/10 Affordability
7/10 Customer Reviews
9/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

State Farm snagged the spot as our second runner-up, mainly because of its impressive army of agents in Cape Coral and South Florida. This is a big deal because not only will you have a swarm of State Farm agents at your service after a hurricane or brutal storm, but you’ll also find a bunch of claims adjusters and claims offices right in Cape Coral.

When it comes to coverage, State Farm offers a standard homeowners policy that you can jazz up with additional goodies. Think ordinance and law coverage, safeguarding your identity from thieves, and even insurance for your precious bling.

Here’s the cool part: State Farm boasts the highest financial strength rating from AM Best, scoring an A++. That means they’ve got the financial muscles to back you up when you need it most.

And if you decide to go with State Farm, you can opt for their nifty replacement cost coverage. This means that if your humble abode, other structures, or personal belongings suffer damage, they’ll be replaced based on today’s market value, without taking depreciation into account. Without this awesome feature, replacement is calculated using the actual cash value.

Now, the quote process can be kicked off online with State Farm, but to seal the deal, you’ll need to collaborate with a local agent. Once you’re a proud policyholder, you can take advantage of the State Farm website or app to file claims, manage your accounts, and switch to eco-friendly paperless billing. Oh, and their website is stacked with a treasure trove of resources to boost your insurance knowledge.

Average premium for State Farm home insurance in Cape Coral: $1,937/Year

Benefits & Drawbacks

Benefits
  • Offers highly competitive rates
  • Receives top financial strength rating
  • Boasts the largest number of local agents in South Florida
Drawbacks
  • Policies can only be obtained through their own agents and not independent agents

Best For High-Value Homes

Overall Rating
4.6

Key Statistics

7/10 Affordability
8/10 Customer Reviews
9/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

If you’re a homeowner in Cape Coral with fancy assets to protect, Chubb is the way to go. They’ve got a bunch of extra goodies to offer, but keep in mind that their rates might be a bit pricier for budget-conscious folks.

When it comes to insuring your swanky abode, Chubb has got you covered. They offer all sorts of fancy add-ons, with a special focus on extended replacement cost coverage. This means that if something goes wrong, they’ll help foot the bill to rebuild your home.

But wait, there’s more! Chubb has this cool program where their experts come to your place to check for any fire or security risks ahead of time.

Now, let’s talk about the Chubb Masterpiece insurance policy. It’s designed specifically for wealthy folks and covers things like restoring your digital data if it gets fried by a computer virus. They even offer property management services. Talk about convenience!

Chubb’s claims agents have the power to quickly give you the green light and pay your claim. They’re all about making the process smooth and painless. However, they can’t deny a claim without the approval of their manager. That way, things stay fair and square.

Average premium for Chubb home insurance in Cape Coral: $317/month

Benefits & Drawbacks

Benefits
  • Provides personalized home assessments to ensure the right coverage for emergencies
  • Allows Masterpiece-level customers to select their own contractors and artisans for claim repairs
  • Offers a cash settlement choice for those who prefer not to rebuild after a total loss
Drawbacks
  • Tends to have higher premiums compared to competitors due to focus on high-value properties
  • Only offers quotes through agents, no online quote option available

Best For Discounts

Overall Rating
4.7

Key Statistics

8/10 Affordability
7/10 Customer Reviews
8/10 Claims/Payouts
10/10 Coverage Level

Why We Like Them

Allstate is a winner when it comes to homeowners insurance discounts, offering a whopping 11 options. And get this: seven of them are considered rare finds by home insurance experts. That’s way above the industry average of seven discounts.

Let’s dive into Allstate’s discounts:

  • Claims forgiveness: Your rate won’t go up after filing a claim. Phew!
  • Claims-free: Stay claims-free each year, and you’ll get a 5% renewal discount.
  • Deductible reward: Sign up and get a cool $100 off your deductible.
  • Bundle: Save up to 25% by bundling your home and car insurance.
  • Automatic payment: Paying automatically saves you up to 5%.
  • Loyalty: Score up to 10% for sticking with Allstate at renewal time.
  • New Homebuyer: A discount for recent homeowners like yourself.
  • New home: Another discount for insuring a shiny new home.
  • Responsible payment: Show your good payment history for an extra discount.
  • Early payment: Buy a new policy at least seven days before your old one expires and enjoy up to 10% off.
  • Protective device: Install theft and fire protection for a discount.

Now let’s talk about Allstate’s homeowners insurance itself. They’ve got you covered for dwelling and personal property protection, liability coverage, guest medical protection, and more. Allstate offers even more options on top of the standard coverage.

They’ve got nine additional coverage types you can choose from. Sure, they’ve got the usual ones like ID theft and scheduled personal property, but here’s the fun part: they offer special coverage for folks with yards and gardens. They’ll boost your coverage limits for things like landscaping costs and riding lawn mowers.

Benefits & Drawbacks

Benefits
  • Offers a large number of discounts
  • Many local agents and claims adjusters in South Florida
  • Strong financial stability
Drawbacks
  • Receives more complaints than the national average

Best For Customer Satisfaction

Overall Rating
4.7

Key Statistics

8/10 Affordability
10/10 Customer Reviews
8/10 Claims/Payouts
9/10 Coverage Level

Why We Like Them

When it comes to customer satisfaction, Progressive ranks second highest among the companies we reviewed, right after USAA. However, USAA didn’t snag the Best for Customer Satisfaction award because it only sells home insurance to military members and their families.

Let’s talk about Progressive’s home insurance policies. They cover all the typical bases you’d expect:

  • Dwelling coverage: If your home gets damaged by a covered problem like a fire or tornado, Progressive will foot the bill to repair or replace it.
  • Other structures coverage: They’ve got you covered for structures not attached to your home, like fences and sheds.
  • Personal property coverage: Your belongings, including clothes, electronics, and furniture, are protected if they need repair or replacement.
  • Liability insurance: Progressive takes care of property damage and injuries to others, plus legal defense if you get sued over an accident.
  • Additional living expenses coverage: If you can’t stay in your home due to a covered issue like a tornado, Progressive helps cover hotel bills, meals, and even pet boarding fees.

Now, here’s an important heads-up. According to Progressive’s filings with the Florida Department of Insurance, homeowners with certain dog breeds may be ineligible for coverage. These breeds include Akitas, American bulldogs, chow chows, Dobermans, Mastiffs, pit bulls, Rottweilers, Staffordshire terriers, wolf hybrids, any mix or variation of these breeds, and any dog with a history of biting. Keep that in mind if you have furry friends at home.

Average premium for Progressive home insurance in Cape Coral: $219/month

Benefits & Drawbacks

Benefits
  • Offers budget-friendly rates that are hard to beat
  • The innovative Name Your Price tool lets you customize your coverage based on your desired budget
Drawbacks
  • Limited options for increasing dwelling coverage beyond standard limits
  • Enforces a specific dog breed restriction list in Florida, which could impact your eligibility for coverage

Best For Florida-Based Insurers

Overall Rating
4.6

Key Statistics

7/10 Affordability
7/10 Customer Reviews
8/10 Claims/Payouts
8/10 Coverage Level

Why We Like Them

Citizens Property Insurance Corporation plays a vital role in Florida’s property insurance landscape by serving as a safety net for those who can’t find coverage in the private market.

As a leading insurer for Florida homes and businesses, Citizens is committed to providing its customers with service that matches the standards set by private insurers.

Back in August 2002, the Florida Legislature brought Citizens to life as a not-for-profit, tax-exempt government entity. Its primary goal is to offer property insurance to eligible property owners in Florida who are unable to secure coverage from private insurers.

Citizens relies on policyholder premiums to operate. However, in the aftermath of a particularly devastating storm or a series of storms, Florida law allows Citizens to impose assessments on most policyholders to cover any deficits.

In a nutshell, Citizens is here to ensure that Floridians have access to the property insurance they need, even when the private market falls short.

Average premium for Citizen’s home insurance in Cape Coral: $180/month

Benefits & Drawbacks

Benefits
  • Headquartered in the heart of Tallahassee, Florida
  • Specializes exclusively in insuring Florida homes
Drawbacks
  • Premiums may go up after significant storms hit the area
  • No customer service rating available from JD Power

How To Find The Best Home Insurance Company For You

Looking for the best home insurance company in Cape Coral may take some time, but it’s worth the effort. Your South Florida home is a big investment, so it’s important to protect it and everything inside for your family’s financial security.

Here are the steps to find the right policy:

  • Research online to find home insurers in Cape Coral and pick three you like.
  • Figure out how much coverage you need (an agent can help with this).
  • Get quotes from the three insurers to compare coverage, customer reviews, finances, and prices.
  • Choose the insurer that meets your needs and preferences.
  • Apply for coverage to secure your home.

Some companies let you do it all online, while others may need you to talk to an agent. Remember, taking the time to find the perfect home insurance company will give you peace of mind and protect your beloved home.

Largest Home Insurance Companies In Florida

Based on the latest data from the Insurance Information Institute in 2021, here are the Florida home insurance companies with the most policyholders:

  • Universal Insurance Holdings
  • Citizens Property Insurance
  • State Farm
  • Tower Hill Insurance
  • Progressive
  • USAA
  • First Protective Insurance Company
  • HCI Group, Inc.
  • Florida Peninsula Holdings
  • Heritage Insurance

Average Cost Of Home Insurance In Cape Coral, FL

Using median home data from the U.S. Census, the rates provided below are for a 2,100-square-foot home with $215,300 of dwelling coverage, which was built in 1986.

Insurer Annual Rate
Travelers $843
Chubb $959
Tower Hill $1,194
Nationwide $1,265
Allstate $1,372
Average $1,670
Heritage $1,889
State Farm $1,937
Universal $2,028
Florida Peninsula $2,356

Average Cost Of Home Insurance In Cape Coral For High Deductibles

Insurer
Average Annual Rate
Chubb
$839
Allstate $1,319
State Farm
$1,617
Heritage
$1,639
Citizens
$3,556

How To Get An Online Home Insurance Quote In Cape Coral

To receive an online quote for home insurance in Cape Coral, follow these simple steps:

  • Visit the websites of the insurance companies you’re interested in.
  • Fill out the quote form by providing information about your home’s value, age, square footage, exterior material, zip code, and other requested details.
  • Submit the information and wait to receive your quotes.

Keep in mind that while there may be additional home insurance companies in Cape Coral that catch your attention, they may not offer online quotes. In such cases, you’ll need to contact a licensed agent in Cape Coral for assistance.

Factors That Impact The Cost Of Your Home Insurance Policy In Cape Coral

Several factors contribute to the cost of home insurance in Cape Coral. These include:

• The location of your home (zip code)

• The age of your home

• The materials used in construction (brick, stucco, etc.)

• The proximity to flood zones

• Your previous claim history

• The amount of coverage you choose

• Any discounts offered by the insurance company

Additionally, in Cape Coral, your distance from the Atlantic Ocean will also play a role in determining your rates.

Home Insurance Discounts In Cape Coral

When it comes to buying home insurance in Cape Coral, it’s worth asking your agent about any available discounts that can help lower your premium. You might be surprised by the savings you can get by combining multiple discounts on the same policy. Here are some examples:

  • Safe and sound: Renewal discount for staying claims-free each year.
  • Bundle up: Up to a 25% discount when you bundle your home and car insurance with certain providers.
  • Easy pay: Discount for setting up automatic premium payments from your checking account.
  • Fresh start: Discount for insuring a newly built home.
  • Reliable payer: Extra discount for maintaining a good payment history.
  • Plan ahead: Discount for purchasing a new policy at least seven days before your old one expires.

Take advantage of these opportunities to get the most out of your home insurance coverage in Cape Coral.

Florida Home Insurance Laws To Know

Effective from January 1, 2023, Florida implemented a game-changing property law called SB 2A. This law brings forth the Florida Optional Reinsurance Assistance Program (FORA), a billion-dollar safety net designed to lend a helping hand to insurance companies in the face of a devastating hurricane season or catastrophic events akin to the 2022 scenario.

Another noteworthy aspect of this new law is the elimination of the Assignment of Benefits practice. This means that you no longer have to sign over insurance checks you receive to contractors, streamlining the process and ensuring a smoother experience for homeowners like yourself.

In The News

• WFAA news in Tampa reports that experts in the home insurance industry predict a potential surge of up to 50% in Florida’s property insurance rates during the summer of 2023.

• United Property & Casualty (UPC) recently became the 10th property insurance company in Florida to enter receivership within the past three years, as disclosed by industry sources.

Information About Cape Coral

Cape Coral, a beautiful city in Southwest Florida, combines nature and modern living. With its coastal charm and tropical vibes, Cape Coral’s neighborhoods are filled with waterfront homes and lush landscapes. The city embraces art and culture through local festivals, live performances, and captivating museums. Outdoor enthusiasts can enjoy the city’s numerous parks and recreational spaces, offering opportunities for beach walks, hiking, and water sports along the Gulf of Mexico. Cape Coral’s unique blend of natural beauty, vibrant arts scene, and outdoor activities make it a special place for residents and visitors to explore and enjoy.

FAQs

Is home insurance more expensive in Florida?

Absolutely, home insurance rates in Florida can be significantly higher, up to 50% more compared to many other states. This is due to the state’s extensive coastline and well-developed coastal areas, which have been prone to devastating hurricanes. As a result, insurance companies in Florida have faced substantial financial losses from these catastrophic events.

What is the average monthly cost of home insurance in Florida?

The price you’ll pay for home insurance depends on the value of your home, but typically, having $250,000 in coverage will average around $2,200 per year.

How much per month is a million-dollar home insurance policy in Cape Coral?

Insurance companies offer different rates, but there are two options with some of the lowest prices. Allstate offers coverage for about $4,310 per year, while Nationwide charges around $5,501 per year.

Go back to top